Read about the difference between these business types below.
Eenmanszaak / VOF / BV - the differences
The benefit of an ‘eenmanszaak’ and ‘VOF’ (Vennootschap onder Firma) is the easy accessibility to start your own business. When you are thinking about starting a ‘BV’ (Besloten Vennootschap) you have to arrange additional things. First you have to go to a notary to set up a company deed and a shareholder agreement.
The biggest difference between an ‘eenmanszaak’ / ‘ VOF’ and a ‘BV structure’ is the private liability. Let’s hope it will never happen, but when your company would go bankrupt you are personally liable with an ‘eenmanszaak’ or ‘VOF’. If you are the owner of a ‘BV’ you are normally employing yourself to the company which will give you more certainty.
While reading this you probably think that it is the safest and best option to set up a BV structure. Maybe it is, but this depends on the volume you will make and how high the profit will be. The most start-ups start as an ‘eenmanszaak’ or ‘VOF’ because of the tax benefits you will have. If you are not sure about the right business type for your business we advise you to discuss your case with an accountant.
Which administrative duties do you have in the Netherlands?
Whether you have a one-man firm (eenmanszaak), a partnership (VOF) or a Ltd. (BV - besloten vennootschap) some administrative duties are still the same. Every company is legally obligated to do the following:
If you are the owner of a BV you have to do some additional things as well:
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